Stornoway Diamond Corporation ("Stornoway") (SWY:TSXV) is pleased to report diamond results from recent drilling on the 5.5 million acre Aviat Project, located on the Melville Peninsula in eastern Nunavut. Caustic fusion has recovered 737 diamonds from 531.7kgs of the AV-1 kimberlite and 30 diamonds from 39.4kgs of the AV-2 kimberlite. The three largest stones measured 4.00mm x 3.50mm x 1.80 mm, 2.34mm x 2.00mm x 1.76 mm and 2.40 mm x 1.48mm x 1.00mm. All three of these stones came from the breccia phase of the AV-1 kimberlite, discovered during the recent drilling program. Detailed information including diamond weights and stone descriptions are not yet available

The two kimberlite bodies, situated approximately four kilometers apart within a prominent structural corridor, were tested with 1,102m of core drilling during August and September of 2003. Drilling at both kimberlites encountered distinct hypabyssal and breccia phases, which were split and sampled as separate units. Both the hypabyssal and breccia phases from AV-1 returned comparable diamond counts on a stones per kilogram basis (1.44 stones/kg and 1.32 stones/kg, respectively), however, from the initial sieve results tabulated below, the breccia appears to potentially have a coarser diamond distribution. Previously reported sieve results from outcropping hypabyssal material at AV-1 are also included in the table below, and show diamond counts of 1.42 stones/kg.

President Eira Thomas commented, "The first two kimberlites discovered on the Aviat Property are both significantly diamondiferous and will continue to be a focus in the near term. Preliminary data from 2003, however, suggest the potential for the discovery of additional diamond sources elsewhere in the landholdings. Diamond exploration is still at an early stage, and regional work will continue to be a top priority for the joint venture in 2004."

As previously reported, AV-1 was tested with seven inclined holes, drilled from four set-ups The exposed portion of the AV-1 discovery outcrop measures 13.5 m x 76.5 m and is associated with a prominent magnetic signature. A second, equally prominent, magnetic response lies under a small shallow lake immediately west of the outcrop. Hypabyssal kimberlite, similar in character to the outcrop, was intercepted in all holes and shows a good correlation with the double lobed magnetic anomaly identified from ground geophysical surveying. In addition to the hypabyssal kimberlite intercepts, a second, non-magnetic, brecciated macrocrystic kimberlite phase was encountered in six of the drill holes. Both of these kimberlite phases are diamond bearing. Interpretation of the drill results to date suggests the body is a minimum of 160m in length and between 40m and 60m in width. The kimberlite remains open to depth and to the east. Additional drilling will be required to more accurately delineate the size potential of AV-1. Approximately eight tonnes of kimberlite collected from the surface exposure of AV-1 in the fall of 2003 will be processed for macrodiamonds in the coming months.

The first inclined drillhole at the AV-2 kimberlite exposure, situated some 4km from AV-1, intersected 2.63m of kimberlite followed by separate 9.3m and 3.14m intersections of kimberlite. A second drillhole testing a magnetic anomaly 75m south-southwest of the AV-2 showing encountered two separate intersections of kimberlite (2.2m and 6.5m in length). The true size and nature of the AV-2 kimberlite is unknown at this time, and more drilling is required. Results of caustic fusion work reported above, while too small to be representative, prove that both the hypabyssal and breccia phases of AV-2 are diamondiferous.

Approximately $5 million was spent at Aviat in 2003 on an aggressive program that included the collection of roughly 2,300 till samples for indicator mineral processing, 56,900 line km of airborne magnetic data, 1,900 line km of airborne electromagnetic data and approximately 8 tonnes of kimberlite from the surface exposure of AV-1, as well as prospecting, ground geophysical surveying and 1,102m of core drilling. Petrographic and geochemical studies of both the AV-1 and AV-2 kimberlites are underway at the present time. A larger drilling campaign is planned for early in 2004, following the receipt and interpretation of data from 2003.

Stornoway holds varying interests in more than 7 million acres of prospective diamond properties throughout the Melville Peninsula, including a 70% interest in the 5.5 million acre Aviat Project. Aviat is a joint venture between Stornoway, BHP Billiton (20%) and Hunter Exploration Group (10%). The 2003 field program is under the supervision of Dean Besserer, P. Geol. of APEX Geoscience Ltd., a Qualified Person under NI 43-101.

On behalf of the Board
STORNOWAY DIAMOND CORPORATION
/s/ "Eira M Thomas"
Eira M Thomas, President

*For media information please contact Mat Wilcox - 604-488-1100.

For further information, please contact the Company at 604-687-7545 or (888) 338-2200
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